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Bloomberg The two biggest Nordic banks have both recently beefed up their compliance units significantly. Both say the extra headcount is temporary. Nordea Bank Abp has hundreds of employees who scrutinise billions of transactions in order to catch anything that looks potentially criminal. It’s a costly, inefficient system that Mikael Bjertrup, head of the bank’s financial crime prevention unit, plans ...

Bloomberg Goldman Sachs Group Inc. is finally embracing its status as a private equity giant. The firm’s top executives in recent months have laid out plans to raise more client funds for private investing and rely less on its own balance sheet. As part of that effort, the bank is looking to consolidate the investing activities of multiple units across ...

Bloomberg Airbus SE won its first order for a new longer range model, the A321XLR, and pressed its advantage over rival Boeing Co., which is still trying to get its most-popular narrow-body back into the skies after two fatal crashes. The European manufacturer gave details about the A321XLR on the first day of the Paris Air Show on Monday and ...

Bloomberg Boeing Co. Chief Executive Officer Dennis Muilenburg said he’s confident the grounded 737 Max aircraft will re-establish its position as a single-aisle workhorse for decades to come, as the company works through an in-depth review of the airframe design and its internal processes in the wake of two deadly crashes. “The long-term, multi-decade strategy hasn’t changed,” Muilenburg said in ...

Bloomberg Deutsche Lufthansa AG shares slumped the most in three years after the company said it fears a European fare war will squeeze profits at least for the rest of the year. A Europe-wide fight for market share forced Lufthansa to lower profit expectations for 2019, the German carrier said. Falling revenues at its low cost Eurowings subsidiary were chiefly ...

Bloomberg Hennes & Mauritz AB (H&M) revenue growth showed a slowdown in April and May, stymieing the Swedish clothing retailer’s attempts to reduce a buildup of inventory that’s been weighing on earnings. Sales in the latest quarter were above analysts’ estimates as compiled by Bloomberg News. But the figures suggest growth slowed to 5.5 percent in April and May from ...

Dubai / Emirates Business Oppo — a leading global smartphone brand — is extending its presence in the region with the announcement of new distributors for its smartphones, including UAE’s Lulu Hypermarket, one of the biggest organised retailers across GCC. The new partnership with Lulu in the UAE marks the beginning of a relationship that will evolve to cover the ...

Bloomberg The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator du, snapping up a stake valued at about $630 million (AED2.3 billion). The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2 percent ...

SHARJAH / WAM Abdullah Sultan Al Owais, Chairman of Sharjah Chamber of Commerce and Industry, met with Alisher Selmov, Consul-General of Uzbekistan in Dubai, and explored ways of enhancing mutual cooperation for the benefit of both sides. During the meeting, Al Owais briefed the guest on the chamber and its missions in trade and economic relations with friendly countries. He ...

Bloomberg Saudi Arabia hopes Opec and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister. “We are hoping that we will reach consensus to extend our agreement when we meet in two weeks ...